Amnon Amusement (Wikipedia photo, freepik)
The numbers of the Zero-One Digital Bank are revealed. The bank will charge a subscription fee in two different packages. The basic package will cost NIS 50 to NIS 70 per month and will include all conceivable banking operations that include bank guarantees, current account fees, credit allocation and a long list of fees that are currently listed in the banking system and will be included in the digital bank’s basic package.
The more interesting package is the extended package which will have a monthly cost of about NIS 120 to 140 per month and in addition to all banking operations it will include unlimited commissions in securities both in Israel and abroad without buying / selling commissions and so on. That the extended package may be very attractive mainly due to the fact that trading in securities abroad is considered to be a very expensive trade that erodes the returns of this component in the portfolio.
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Another interesting statistic is the bank’s collaboration with Beats of Gold. Although the cooperation will not include the possibility of trading in digital currencies, it will allow them to be displayed in the bank’s account, which will also include digital currencies in all of the bank’s customer assets.
The extended track will also include a range of advisory activities like tax advice, mortgage advice and so on. But without a doubt the issue of trading fees is more significant in the package of the digital bank.
It should be noted that the launch of Amnon Shashua’s Digital Bank is set to be the big bang in the banking field. This is the first time that a new bank has been established in Israel in decades, when everything is supposed to be digital. Due to the fact that Shashua, the controlling owner of the bank, is a technologist, his expectations of the bank are high.
The bank started at the beginning of the year with a quiet launch and started adding customers from its waiting list of eight 60 to 70 thousand waiting and probably in the second half of the year will make a “noisy” launch and add a larger amount of customers.
In principle, the digital bank is not expected to be balanced and make a profit in the first period, but its very existence is a source of competition in the banking system. Concerning its retail sides.
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